Growing property sales to foreigners

Mo Hye Young is a Korean who has just been working in Vietnam for a year. Because she wants to live and work in Vietnam for a long time period, she has decided to buy an apartment. Education services and schools are her main concern when deciding to buy an apartment.

"I have researched many apartments in Hanoi. I choose this apartment because it is convenient for me to take my children to school. I obviously was concerned about how big it was, what entertainment services there were around and where the Korean community was located." - Mo Hye Young, Korea.

Since the Law on Housing took effect in 2015, many real estate firms have attempted to attract foreigners. However, the quality of service is the main concern of foreigners when deciding to buy an apartment.

"For foreign customers, especially Japanese and Korean customers, they particularly focus on education options for their children. Our project focuses on providing financial and banking services, health care and around 2 hectares of 10 hectares for schools." - Pham Hong Thuy, TNR Holdings Vietnam.

According to foreign real estate firm Savills, home ownership conditions for foreigners in Vietnam are transparent. Some of projects have attracted foreign ownership of up to 10 or 15%. Foreigners may see more opportunities for investment in real estate area in Vietnam.

According to forecasts by foreign real estate firms, the number of foreigners interested in real estate in Vietnam will increase significantly. However, in order to attract more foreigners in this area, there should be guidance and supports related to financial support or banking services for foreigners, especially those who live and work for a short time in Vietnam.